Liberty Global Opens Voluntary and Conditional Cash Offer for Telenet

Liberty Global, Inc. (“Liberty Global” or “LGI”) (NASDAQ: LBTYA, LBTYB
and LBTYK) today announces that its wholly-owned subsidiary Binan
Investments B.V. (“Binan”) has opened its voluntary and conditional cash
offer (the “Offer”) for the outstanding shares and other securities
giving access to voting rights of Telenet Group Holding NV (“Telenet”)
(Euronext Brussels: TNET) that it does not already own or that are not
held by Telenet. The prospectus sets forth the next steps in the bid
process and provides further justification of the Offer price and its
attractiveness for minority shareholders. Shareholders will have until
16:00 (CET) on January 11, 2013 to tender their securities into the
Offer before the initial acceptance period closes.

Liberty Global believes that an Offer price of €35.00 per ordinary
share is highly attractive for Telenet shareholders and provides a
meaningful premium to relevant benchmarks.

At a time when the cable sector is trading at multi-year highs, the
Offer represents additional value for shareholders in terms of1:

A 12.5%premium to the September 19, 2012 Telenet closing
share price, a 25.2% premium over the volume weighted average
share price during the 12-month period then ended and a 4.9% premium
over Telenet’s all-time high trading priceprior to the
announcement of the Offer;

A 2.9% premium to equity research analysts’ average and median
future target prices of €34.00;and

A significant premium of 17.4% over the mid-point discounted
cash flow (“DCF”)-based valuation of €29.80 per share, based on
the LGI Adjusted May LRP4.

The Offer represents an opportunity for minority shareholders to
monetize their investment in Telenet at an attractive price and through
an expeditious process.

Liberty Global has enjoyed a constructive relationship with Telenet,
starting with its initial investment eight years ago and continuing as
majority controlling shareholder for the last five years. As a result,
LGI has a deep understanding of Telenet’s business as well as the nature
and magnitude of its risks and opportunities. LGI has drawn on its 20+
years of experience in the European cable sector in making its
assessment of the future growth prospects of Telenet and the appropriate
valuation and premiums to be offered to Telenet’s minority shareholders.
The details of these assessments are provided in full in the prospectus.

In contrast, Liberty Global has serious reservations regarding the
financial projections completed by Telenet management on October 5, 2012
(the “Management October LRP”) and used by the Independent Expert and
the Independent Directors in their valuation analysis. Liberty Global
does not question Telenet’s ability to attract mobile subscribers in the
near term, but fundamentally disagrees with the aggressive volume, price
and profitability assumptions in the Management October LRP from 2014
onwards, which LGI believes, among other factors, does not adequately
factor in a competitive reaction from the existing mobile providers in
the market.

In summary, Liberty Global notes the following regarding the
Management October LRP:

Mobile growth is driven off aggressive assumptions that, according to
the Independent Expert, would require Telenet to increase its market
share in value from 1% (2012 estimated) to 16% (2018 estimated) and to
capture the vast majority of mobile gross adds in Telenet's footprint
in 2018;

The management plan is heavily reliant on growth in outer years and
assumes minimal competitive response, even though competitors have
already reacted and should be expected to continue to do so in the
future; and

The uncertainty of upcoming wholesale access regulation is not
adequately reflected.

In addition, Liberty Global disagrees with certain methodologies used
by Telenet’s Independent Expert and Independent Directors in their
analyses of the Offer.

These include the use of (i) DCF methodologies that do not incorporate
DCF valuations based on brokers’ consensus financial projections and do
not appropriately incorporate the risk of aggressive mobile projections
within the assumed weighted average cost of capital, (ii) non-comparable
precedent take-private transactions, (iii) an incomplete set of broker
target prices and (iv) inadequate peer-company trading multiple
comparisons.

For these reasons, it is important for Telenet shareholders to
understand that Liberty Global has serious reservations regarding the
basis for the valuation points made by the Independent Expert and the
Independent Directors.

Liberty Global is committed to its long-term investment in Telenet
and the economic, social and cultural ecosystem in the Flanders region.

CIO, CTO & Developer Resources

The Offer will allow Liberty Global to strengthen its presence in the
Benelux region and, regardless of the outcome of the Offer, Liberty
Global intends to more closely integrate Telenet into Liberty Global’s
operations. Liberty Global believes such integration is in the best
interests of Telenet’s customers, employees and other stakeholders who
will benefit from being part of the wider Liberty Global group. In
addition, Liberty Global intends to align Telenet’s target leverage
consistent with Liberty Global’s policy, which will result in higher
leverage than Telenet has had historically.

Liberty Global also intends for Telenet to remain a center of innovation
and world-leading customer service, and does not currently anticipate
any significant changes to the working conditions or employment policies
of Telenet. Liberty Global remains firmly committed to both Telenet and
the Flanders region over the long term, and strongly believes in their
joint, prosperous future.

About the Offer

On September 20, 2012 (CET), Liberty Global announced its intention to
launch the Offer, based on a price of €35.00 per ordinary share, for all
of the Telenet shares and other securities giving access to voting
rights that it does not already own or that are not held by Telenet.
Liberty Global has been the controlling shareholder in Telenet since
February 2007 and, at September 30, 2012, owned, through Binan, 50.2% of
Telenet’s issued and outstanding share capital. Liberty Global will
finance the Offer by using available cash on its balance sheet and
incremental borrowings. On October 29, 2012, Liberty Global announced
its decision to remove the 95% minimum acceptance condition of the
Offer. On November 6, 2012, Binan filed the prospectus for the Offer
with the Belgian Financial Services and Markets Authority (the “FSMA”).
The Offer values all of the outstanding shares and other securities
giving access to voting rights of Telenet not currently owned by Liberty
Global or held by Telenet at approximately €2,040.5 million ($2,627.1
million) based on the number of such securities outstanding at September
30, 2012. No further regulatory approvals are required.

A copy of the prospectus, the acceptance form and the response
memorandum can be requested free of charge from ING Belgium NV/SA by
telephone at +32 3 464 60 01 (Dutch operator), +32 2 464 60 02 (French
operator) or +32 2 464 60 04 (English operator). The prospectus, the
acceptance form and the response memorandum are also available online on
the website of LGI (www.lgi.com),
on the website of Telenet (http://investors.telenet.be)
and on the website of ING Belgium NV/SA (www.ing.be).

Forward-Looking Statements

This press release does not constitute an offer to purchase securities
of Telenet or a solicitation by anyone in any jurisdiction in respect
thereof. The Offer is being made solely by LGI’s subsidiary, Binan, by
means of a prospectus approved by the FSMA. Neither this press release
nor any other information in respect of the matters contained herein may
be supplied in any jurisdiction where a registration, qualification or
any other obligation is in force or would be with regard to the content
hereof or thereof. Any failure to comply with these restrictions may
constitute a violation of the financial laws and regulations in such
jurisdictions.

Various statements contained in this press release constitute
forward-looking statements of Liberty Global, including statements
regarding its intention to proceed with the Offer based on a price
of €35.00 per Telenet share, its reservations concerning the evaluation
of the Offer by Telenet’s Independent Expert and Independent Directors,
its concerns regarding Telenet’s guidance and Telenet management’s
ability to execute on its mobile plan, its belief as to the intrinsic
value of Telenet and the premium represented by the Offer, its
intentions regarding its long-term commitment to Telenet and the
Flanders region and any other information and statements that are not
historical fact. These forward-looking statements involve certain risks
and uncertainties that could cause actual results to differ materially
from those expressed or implied by these statements. These risks and
uncertainties include overall financial market conditions, any material
business or financial developments at Telenet, Liberty Global's ability
to raise satisfactory financing, the continued use by subscribers and
potential subscribers of Telenet's services, Liberty Global's ability to
achieve expected operational efficiencies and economies of scale, as
well as other factors described in the prospectus and response
memorandum related to the Offer or as detailed from time to time in
Liberty Global's filings with the Securities and Exchange Commission,
including its most recently filed Forms 10-K and 10-Q. These
forward-looking statements speak only as of the date of this release.
Liberty Global expressly disclaims any obligation or undertaking to
disseminate any updates or revisions to any forward-looking statement
contained herein to reflect any change in Liberty Global's expectations
with regard thereto or any change in events, conditions or circumstances
on which any such statement is based, except as required by applicable
law.

About Liberty Global

Liberty Global is the leading international cable company, with
operations in 13 countries. We connect people to the digital world and
enable them to discover and experience its endless possibilities. Our
market-leading television, broadband internet and telephony services are
provided through next-generation networks and innovative technology
platforms that connect 20 million customers who subscribe to 34 million
services as of September 30, 2012.

Information with respect to premiums is based on information as
of, or available as of, September 19, 2012, the last day prior to
the announcement of the Offer, unless otherwise indicated.

2

EBITDA represents earnings before interest, income taxes,
depreciation and amortization based on equity research analysts’
consensus estimates. In the case of Telenet, EBITDA refers to
estimated 2013 Adjusted EBITDA, as customarily defined by Telenet
and published in Telenet’s press release dated October 29, 2012.
In the case of LGI, EBITDA refers to consensus estimates of
operating cash flow, as customarily defined by LGI (in U.S. GAAP).

3

Represents estimated 2013 capital expenditures as reflected in
consensus estimates for LGI, Virgin Media, KDG and Ziggo or in the
case of Telenet, estimated 2013 accrued capital expenditures, as
customarily defined by Telenet and published on October 29, 2012.

4

Represents Telenet management projections of Telenet’s future
performance established in April/May 2012 and dated May 24, 2012
(the “May LRP”), as adjusted by Binan for Telenet’s updated
outlook for 2012 published on September 20, 2012, Telenet’s Q3
2012 figures published on October 18, 2012 and Telenet’s outlook
for 2013 published on October 29, 2012, while 2014 – 2018
projections continue to be based on the May LRP. The DCF valuation
assumes a 7.9% weighted average cost of capital and a 1.5%
perpetual growth rate.

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